Trust

I just read an article about the Korean automaker Hyundai and the reason they have had so much influence in the automotive market. When Hyundai made their debut in the US in 1986, they did so by selling a lot of vehicles, many of which had quality issues. They quickly became the laughingstock of the industry. One joke went like this: "How do you double the value of a Hyundai? You fill the gas tank."

A pretty tough start.

However, this is not the end of the story. The article continues with this...

Reeling from quality concerns, Hyundai had to reestablish trust with wary consumers. In an attempt to do so, the company settled upon a marketing plan to offer over-the-top security to customers willing to buy Hyundai. Dangling the incentive of America's Best Warranty, Hyundai won back the business of skeptical uyers.

However, convincing customers to buy was only half the battle. Could Hyundai satisfy them and earn repeat business? Thankfully for Hyundai, it was able to deliver quality and fix its image. In stepping up its caliber of manufacturing, Hyundai equaled and, in some cases, surpassed the Japanese automakers in measures of quality. By doing so, the company won back the trust of customers.

As a result of this turnaround, Hyundai has been able to be an influential player in the automotive market. Today, Hyundai has been the trendsetter in consumer warranty and assurance programs that have been copied by their competitors. They now have influence.

A couple of valuable lessons here. First, trust is paramount to growing in your influence. Second, if you have failed in establishing trust in any way, as Hyundai initially did, all is not lost. You can make the effort to win back the trust of others. However, telling someone that they can trust you probably will not work in this case. It won't be easy, but you will need to re-establish your trust through your actions.

A good name is more desirable than great riches: to be esteemed is better than silver or gold.

Proverbs 22:1